Women working in financial services tend to be paid considerably less than their male counterparts and struggle to break through the glass ceiling, despite evidence showing that companies with more women in senior roles do better

Although most believe the London will remain a high profile hub, the appeal of rival centres is growing and banks would rather wait to discover what the future holds before committing to the UK capital

The millennial generation provides a huge opportunity for those wealth managers able to win their custom, but traditional firms face serious competition from new challengers who are putting digital engagement at the heart of the client experience.

Only a handful of private banks have truly embraced the realities of the tech revolution, although their chief investment officers have long been targeting the themes which underpin the evolution of a digital society

It is predicated that the fiduciary rule in the US will mean mass affluent clients miss out on financial advice, just as they did in the UK following the Retail Distribution Review. Wealth managers must respond by filling this advice gap with technology-led solutions such as robo-advice

Private banks may talk a good game about how they are transforming themselves, but most are really only repackaging existing services. A much more significant change is required, in areas such as ESG investing and in the digital arena, if they are to engage with a new generation of clients

Clients of private banks share a huge amount of data and family information with their financial providers, yet the service they receive seldom matches expectations. The time has come for these wealth managers to learn from other industries.

Wealth Tech Awards 2019

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